The bottom line is down 62% from the 1Q 2008 Net result of 639 million Roubles, despite Assets rising 58% year on year to 219 billion Roubles, and the banks loan portfolio increasing by 34% year on year to 141 million Roubles.

Bank Saint-Petersburg attributed the fall in Net Profit to its increase in bad loan provisioning from 3.88% to 5.96% during the 1Q 2009, with Chairman Alexander Savelyev noting the increase reflects a focus on asset quality and cost cutting, as the share of overdue loans jumped from 0.74% to 4.28% during the quarter.